NYSE Technologies have signed a global trading agreement with Korea's KOSCOM, through the partnership Korean traders will have greater accessibility

US-based NYSE Technologies, the technology division of NYSE Euronext (NYX) and Korea’s KOSCOM, the technology firm created by the Korean Ministry of Finance and Korea Exchange, announced that the two technology firms have signed a Global Trading Hub Connectivity Agreement. The agreement follows on from the Memorandum of Understanding (MOU) signed by both organizations in March of last year, the collaboration between the two firms aims to empower local traders by ensuring they have the right tools, products and solutions.

Through the co-operation, members of both exchanges will be able to cross-connect the 1,300 strong members of NYSE Technologies, who are part of the MarketplaceTM trading community to KOSCOM’s STP Hub of 130 key Korean firms. Both sets of members will have access to products available on the relevant exchanges. In addition, the relationship for customers of both NYSE Technologies and KOSCOM means they will benefit from cost-effective streamlined FIX connectivity, which facilitates cross-border trading and enhanced client access to available liquidity venues.

Daniel Burgin, Head of NYSE Technologies Asia-Pacific, spoke about the partnership in a statement, saying: “This agreement reinforces the cooperation program between NYSE Technologies and KOSCOM to promote international capital market flows premised on joint technology solutions.”

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“The seamless linkage of our MarketplaceTM community network in collaboration with Koscom’s STP FIX network represents an important next step towards creating a powerful joint offering for the Korean market, the Asia- Pacific region and the global capital markets community.”

KOSCOM, founded in 1977, is a leader in electronic trading technology solutions for financial services firms and over the last 3 years the firm has been involved in the development of exchange trading technology for emerging exchanges. KOSCOM was involved in developing the trading platform for Lao Securities Exchange(LSX) in January 2011, it made the Derivatives Clearing & Settlement System for Bursa Malaysia in February 2012, and it built the trading platform for Cambodia Securities Exchange(CSX) in April 2012.

“We anticipate that this joint business initiative will provide diverse trading opportunities of global financial products to domestic traders. KOSCOM aims to enhance its global competitiveness, and attract capital markets flow into Korea through this agreement that emphazises our long-term cooperative action with NYSE Technologies. It is a proactive response to our country’s deregulation measures.” said InSoo Kim, Deputy President of KOSCOM in a statement in the official press briefing.